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Seven-year fixed rate personal loans

1 November 2018

Borrow as much as you need with seven years to repay, and have your repayments stay the same throughout your entire loan term.

Are you looking to apply for a large loan or just want lengthy terms to keep your repayments low? Consider applying for a personal loan with seven-year terms. You can keep your repayment amounts the same by opting for a fixed interest rate and there are various loan types available. Find out more about seven-year fixed loans in the guide below.

ANZ Fixed Rate Personal Loan

ANZ Fixed Rate Personal Loan

12.45 %p.a.

fixed rate

13.32 %p.a.

comparison rate

Low ongoing fees

Flexible repayment options

Borrow up to $50,000

100% confidential application

ANZ Fixed Rate Personal Loan

This competitive unsecured fixed rate personal loan from ANZ is suitable for a range of uses. Apply for up to $50,000.

You'll receive a variable rate from 12.74% p.a. based on the value of your carBenefit from flexible repayments and be able to apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.

Compare up to 4 providers

How do seven-year fixed rate personal loans work?

These loans can be used to finance any personal purchase (the loan types are broken down into more detail below). When you apply for the loan, you need to agree to the interest rate stated in your loan contract. This rate will apply for the entire seven-year term.

Any loan establishment fees or monthly fees will be added onto your repayments. At the end of the seven years, your debt will be repaid.

What you can finance with a fixed rate personal loan

Fixed rate loans are suitable for a range of purposes:

New or used vehicles.This not only includes cars but also motorbikes, boats and even jet skis and caravans.

Debt consolidation.If you have outstanding debts on a credit card or personal loan, you can consolidate and repay it over a longer term with a fixed rate.

Home improvements.Add value to your home and have up to seven years to repay what you borrow.

Holidays.If you’re planning on taking a trip you can take out an unsecured loan to pay for your flights, hotel rooms or anything else you need.

How you can compare fixed rate loans with seven-year terms

As this loan will be with you for seven years, it’s important to compare your options and find the right one. Here are some points to keep in mind:

What interest rate applies? Compare similar loans to see how competitive the interest rate is.

How much will you be charged in fees? Check for establishment fees, monthly fees, annual fees and any other fees you may be charged. If you want the option of paying back your loan early, check to see if this is an option and how much it will cost.

Is the loan suitable for your purpose? If you want to buy a car, is the vehicle eligible? If you want to consolidate debt, can you bring all of your credit accounts over? Check all aspects of the loan before applying.

How can you access and manage your account? The loan will be with you for seven years, so you want to ensure you can manage your account effectively. Check if there is a mobile app or online account tools.

Weigh up the benefits and drawbacks before applying

Your repayments will be low because the loan term is long

You can easily budget because your repayments will remain the same throughout the seven years

A range of different financing options are available

As the loan term is longer, you end up paying more in interest

You will probably be charged a fee for early or additional repayments

Questions you might still have

Are there shorter fixed rate terms?

Yes, you can consider applying for a fixed rate personal loan in any one-year increment between one and seven years.

Am I eligible for a fixed rate personal loan?

Eligibility criteria depend on the lender you are looking to apply with and should be confirmed before submitting your application. However, you will generally need to be over the age of 18 and a permanent Australian resident or Australian citizen.

How do I apply?

If you’ve found a loan you want to apply for and you meet the eligibility requirements, you can click “Go to Site” to submit your application directly with the lender.

Related Posts

If you're looking to borrow a small amount or just want your loan repaid in a shorter period, you can enjoy fixed repayments for 12 months with a one-year fixed rate personal loan. Compare rates from a range of lenders today and find the loan that's right for you.

No matter what kind of loan you're looking for – whether it's for a car, home improvements, debt consolidation or anything else, a five-year fixed rate personal loan may be an option for you to consider. Find out more about it in our guide below and see if it's right for you.

If you're wondering what kind of personal loan is right for you, read our guide and find out if a fixed rate loan is right for you. You can compare competitive rates on loans with two-year terms for secured and unsecured loans to help you finance a range of purposes. See if you're eligible and apply today.

If you're looking for a personal loan that gives you some time to repay with a competitive fixed rate, you can consider a three-year fixed rate loan. Your repayments will stay the same for the entire three-year period and there are a variety of loan types available. Find out if you're eligible with our guide.

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profileA credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

You'll receive a fixed rate from 8.11% p.a. based on your risk profileA flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

2 Responses

AdamNovember 28, 2017

I want to consolidate a personal loan of 21k, and take out another 4 so 25k loan total. I currently pay $480 per month on this amount over 7 years. I want my new rate to be much lower, reducing my monthly repayment amounts.

While it’s possible to consolidate your loan through the different lenders featured on this page, you’d need to review the rates that they offer to see if you’d be able to able reduce your monthly repayment amounts.
This page on Personal Loan Calculators would help you compare the features of each loan.

Also, this page on Personal Loans for Debt Consolidation has tips and answers to common questions that you may find helpful in your decision.
Please note that finder is not a product issuer. The approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments.

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